PDT Partners LLC Takes $2.38 Million Position in Veracyte, Inc. (NASDAQ:VCYT)

PDT Partners LLC purchased a new position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 69,975 shares of the biotechnology company's stock, valued at approximately $2,382,000. PDT Partners LLC owned 0.09% of Veracyte as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of VCYT. Point72 Asset Management L.P. purchased a new position in shares of Veracyte during the second quarter worth $12,279,000. William Blair Investment Management LLC raised its stake in shares of Veracyte by 67.4% in the second quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company's stock valued at $26,907,000 after acquiring an additional 500,020 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Veracyte by 288.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 360,871 shares of the biotechnology company's stock valued at $12,284,000 after acquiring an additional 268,000 shares in the last quarter. Algert Global LLC raised its stake in shares of Veracyte by 411.1% in the third quarter. Algert Global LLC now owns 201,697 shares of the biotechnology company's stock valued at $6,866,000 after acquiring an additional 162,236 shares in the last quarter. Finally, Peregrine Asset Advisers Inc. acquired a new stake in shares of Veracyte in the third quarter valued at $4,681,000.

Veracyte Trading Up 0.1 %

Shares of NASDAQ:VCYT traded up $0.06 during trading on Friday, hitting $42.95. 490,418 shares of the stock were exchanged, compared to its average volume of 897,051. The company has a fifty day moving average price of $35.70 and a two-hundred day moving average price of $29.07. The company has a market cap of $3.33 billion, a PE ratio of -286.33 and a beta of 1.67. Veracyte, Inc. has a 12-month low of $18.61 and a 12-month high of $44.16.

Veracyte (NASDAQ:VCYT - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.03 by $0.16. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. During the same quarter in the previous year, the company earned ($0.03) EPS. The company's quarterly revenue was up 28.6% on a year-over-year basis. Equities research analysts anticipate that Veracyte, Inc. will post 0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Scotiabank increased their price objective on Veracyte from $40.00 to $44.00 and gave the company a "sector outperform" rating in a research note on Friday, November 8th. Morgan Stanley increased their price objective on Veracyte from $26.00 to $28.00 and gave the company an "underweight" rating in a research note on Monday, November 18th. Guggenheim assumed coverage on Veracyte in a research note on Thursday, October 10th. They issued a "buy" rating and a $40.00 price objective on the stock. Wolfe Research assumed coverage on Veracyte in a research note on Friday, November 15th. They issued an "outperform" rating and a $50.00 price objective on the stock. Finally, Needham & Company LLC raised their price target on Veracyte from $37.00 to $44.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $41.25.

Insider Buying and Selling

In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of the business's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the transaction, the director now directly owns 34,343 shares in the company, valued at approximately $1,209,903.89. The trade was a 13.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Jonathan Wygant sold 5,032 shares of the business's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $42.89, for a total value of $215,822.48. Following the completion of the transaction, the chief accounting officer now owns 42,313 shares of the company's stock, valued at $1,814,804.57. This trade represents a 10.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,684 shares of company stock worth $561,232 in the last ninety days. Insiders own 1.30% of the company's stock.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.